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TEXAS INSTRUMENTS 2012 ANNUAL REPORT • 5
ANNUAL
REPORT
For Years Ended
December 31,
Consolidated statements of cash flows 2012 2011 2010
[Millions of dollars]
Cash flows from operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,759 $ 2,236 $ 3,228
Adjustments to net income:
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 957 904 865
Amortization of acquisition-related intangibles . . . . . . . . . . . . . . . . . . . . . . . . . 342 111 48
Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263 269 190
Gain on sales of assets and divestiture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —(5) (144)
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 (119) (188)
Gain on transfer of Japan substitutional pension . . . . . . . . . . . . . . . . . . . . . . . . (144) — —
Increase (decrease) from changes in:
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 311 112 (231)
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5(17) (304)
Prepaid expenses and other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . 227 (29) (8)
Accounts payable and accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 2 57
Accrued compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (82) (77) 246
Income taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (229) (85) (19)
Changes in funded status of retirement plans . . . . . . . . . . . . . . . . . . . . . . . . . . . (198) (7) 26
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 (39) 54
Cash flows from operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,414 3,256 3,820
Cash flows from investing activities:
Additions to property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (495) (816) (1,199)
Proceeds from insurance recovery, asset sales and divestiture . . . . . . . . . . . . . . . . . . . —16 148
Purchases of short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,802) (3,653) (2,510)
Proceeds from short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,198 3,555 2,564
Purchases of long-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1) (6) (8)
Proceeds from long-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 157 147
Business acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . —(5,425) (199)
Cash flows from investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,039) (6,172) (1,057)
Cash flows from financing activities:
Proceeds from issuance of long-term debt and commercial paper borrowings . . . . . . . . . . . 1,492 4,697 —
Repayment of debt and commercial paper borrowings . . . . . . . . . . . . . . . . . . . . . . . (1,375) (200) —
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (819) (644) (592)
Stock repurchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,800) (1,973) (2,454)
Proceeds from common stock transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 523 690 407
Excess tax benefit from share-based payments . . . . . . . . . . . . . . . . . . . . . . . . . . 38 31 13
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10) (12) —
Cash flows from financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,951) 2,589 (2,626)
Net change in cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 424 (327) 137
Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . 992 1,319 1,182
Cash and cash equivalents at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,416 $ 992 $ 1,319
See accompanying notes.